The partnership’s first project is La Torre del Valle, a $4 million, five-story building at 40 Calabria Ave. in Coral Gables, where it will raze an existing eight-unit apartment building. La Torre del Valle is scheduled to be ready for occupancy by mid-2005.

"We like the South Florida market and are going to look for opportunities throughout (the state)," Mr. CambÛ said. "We’re pursuing at least five other properties as we speak."

The two companies are negotiating contracts for land purchases and are looking at tracts of an acre or smaller. "We can’t say much more than that right now; there’s too much competition for these sites," Mr. CambÛ said. "It’s fierce."

Mr. CambÛ was one of the developers on the Doral E-Commerce Park, a 36-acre project at 6000 NW 97th Ave. that caters to telecommunications tenants.

Lanzamar, which has $55 million in annual sales, said in a press release that it has 14 multifamily ventures, including apartments, condominiums and golf-course residences, under development in Europe.